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Bitcoin
The price of Bitcoin fell during the course of the trading week, but it has been trying to hang onto support in recent days. The market has been hanging around the $56,500 level for a while now. The fact that the cryptocurrency formed a bit of a hammer and bounced from the 50% Fibonacci retracement level suggests that if it can clear the $60,000 level, we could see Bitcoin start to take off to the upside. On the other hand, if it were to break down below the 50-week EMA, we could see Bitcoin collapse.
Silver
The silver market moved back and forth over the course of the week, as it continued to experience a lot of noise around the $31 level. All things being equal, this is a market that is very noisy and highly levered.Because of this, you will need to be very cautious in the coming days, but I do think that this space remains a “buy on the dip” scenario, with the $30 level underneath offering a significant amount of support from both a psychological standpoint and from a previous standpoint.
DAX
The German index initially fell during the course of the trading week, but it found enough support at the previous trendline to turn things around and break above the EUR18,650 level. Now, it looks like the market is going to threaten the EUR19,000 level, and if it can break above there, then it’s likely that the DAX could eventually go looking to the EUR20,000 level, which is an area that has a lot of psychology attached to it. I have no interest in shorting the DAX anytime soon, as it looks like stocks are starting to rip to the upside yet again.
EUR/USD
The euro experienced a very strong week as it reached the 1.09 level. This is a large, round, psychologically significant figure. If it can break above the 1.09 level, then it’s likely that the euro could go looking to the 1.10 level above.Underneath, the 1.08 level can be seen offering plenty of support, and I think that is something worth paying attention to. Quite frankly, this is a market that seemingly continues to go back and forth between large, round, psychologically significant figures.
S&P 500
The S&P 500 broke through to the upside during the course of the week, clearing the 5600 level quite handily. This is a market where every time it falls, buyers come in and try to pick up the pieces.I believe that we will see it continue to go higher, and I think that the 5500 level underneath will be the short-term floor in the market that people will be paying close attention to. Ultimately, I believe that we will eventually see the S&P 500 go looking to the 6000 level.
USD/CAD
The US dollar initially fell during the course of the week, but it found enough support at the crucial 1.36 level to turn things around and show signs of life. The 50-week EMA sits just below there, and it’s probably worth noting that the market is currently trading in a well-defined range between the 1.36 level and the 1.38 level above.In general, this is a market that I think will continue to be very noisy and sideways. I think you have to look at this space through the prism of “being cheap at the bottom of the range.”
GBP/JPY
The British pound bounced all over the place during the course of the trading week, as the Bank of Japan stepped into the market and intervened. After all, the Japanese yen had been a punching bag for most currencies, including the British pound. That being said, this is a market that is still very bullish, and you would likely get paid to hang onto the pair regardless. Because of this, I am a buyer of dips and I continue to hang on to the GBP/JPY pair.
AUD/USD
The Australian dollar broke higher during the course of the week, and it looks to be threatening the 0.68 level. Short-term pullbacks at this point in time could be a nice buying opportunity, and I believe there is a massive amount of support underneath, especially near the 0.6650 level. Ultimately, the AUD/USD market is a one that I think is racing its way toward the 200-week EMA.More By This Author:USD/SEK Forecast: US Dollar Has a Wild Ride Against Swedish KronaBitcoin Forecast: Bitcoin Looks LostBitcoin Forex Signal: Attempting to Break Higher
